AVAX One（AVX）2026年第2四半期決算説明会：デジタル資産の損失が重荷となるも増収

AVAX One（AVX）は、Avalancheデジタル資産トレジャリー戦略への移行に伴い、2026年第2四半期の売上高が増加したと発表しました。しかし、デジタル資産の未実現損失やその他の非現金費用により、GAAP純損失は大幅に拡大しました。

主なポイント

• 2026年第2四半期の売上高は、2025年第2四半期の約50万ドルから280万ドルに増加しました。これには210万ドルのステーキング報酬と、ビットコインマイニングによる約70万ドルが含まれています。
• 同社は3,510万ドルの純損失（希薄化後1株あたり4.41ドル）を計上しました。特定の非現金費用を除く調整後純損失は220万ドル（希薄化後1株あたり0.27ドル）でした。
• 営業費用は3,620万ドルに達し、これには3,300万ドルの非現金費用が含まれます。最大の要因は、デジタル資産の市場価値変動による2,980万ドルの未実現損失でした。
• 6月30日時点におけるデジタル資産の純総額は約9,350万ドルで、これには8,630万ドル相当の1,320万AVAXトークンと、530万ドル相当の約70万TAVAXトークンが含まれます。
• 四半期末時点の総流動性は約2,110万ドルとなり、12月31日時点の2,760万ドルから減少しました。経営陣は、既存の流動性と、ステーキングやマイニングで獲得した資産の活用・現金化能力により、追加資本を調達することなく事業運営と成長に対応できると述べています。
• 当四半期末後、AVAX Oneは転換社債を再編し、関連する元本残高を約680万ドル削減しました。

主要財務データ

3,300万ドルの非現金費用には、2,980万ドルのデジタル資産評価未実現損失、Treehouseリキッドステーキングトークンの減損損失260万ドル、ならびに約60万ドルの株式報酬費用および減価償却費が含まれていました。

四半期末の流動性は、現金及び現金同等物1,140万ドル、制限付き現金540万ドル、エスクロー未収金430万ドルで構成されていました。

事業および業績パフォーマンス

AVAX Oneは、Avalancheデジタル資産トレジャリー、ビットコインマイニング、および選別的なAI・高性能計算（HPC）開発という3つの戦略的柱を通じて事業を展開しています。

同社は現在、Treehouseに預け入れた約80万トークンを含め、1,400万以上のAVAXトークンおよび同等物を保有しています。2025年11月にトレジャリー戦略を開始して以来、AVAX Oneは約470万ドルのステーキング収入を創出しました。経営陣は年率換算のステーキング利回りを約5.3%と発表しました。

6月30日時点で、ポートフォリオには8,630万ドル相当の約1,320万AVAXトークン、530万ドル相当の約70万TAVAXトークン、および180万ドル相当の約31.2ビットコインが含まれていました。

ビットコインマイニングはアルバータ州およびオハイオ州の施設で継続されています。同社は過去1年間でアルバータ州の事業に220台のマイニングマシンを追加し、フレア天然ガス発電を利用するオハイオ州の5メガワットのボールドイーグル（Bald Eagle）施設も引き続き運営しています。

AIインフラに関して、AVAX Oneは自家消費型（ビハインド・ザ・メーター）の天然ガス発電とモジュール構造を利用した、アルバータ州での「電力優先（power-first）」モデルを評価しています。初期のレッドウォーター（Redwater）推論パイロットでは、約100キロワットの余剰マイニング容量をAIワークロードへ転用する可能性があります。

経営陣はまた、機関決済、トークン化資産、バリデータ参加、一般消費者向けアプリケーションにおけるAvalancheエコシステムの継続的な拡大を強調しました。例として、TACITによるLINKの専用Avalanche Layer 1への移行や、2026 FIFAワールドカップ期間中のFIFA CollectによるAvalanche駆動型ブロックチェーンの活用が挙げられます。

リスクと注目点

• 2,980万ドルの未実現評価損失を含め、デジタル資産の価格変動は四半期業績に大きな影響を与えました。
• Treehouseリキッドステーキングトークンは、当四半期中に260万ドルの減損損失を記録しました。
• 総流動性は2025年末の2,760万ドルから2,110万ドルに減少しました。
• 電話会議の時点ではレッドウォーター（Redwater）のAI推論設備はまだ配備されておらず、パイロットによる事業上または経済的な成果は得られていませんでした。
• AvalancheのHeliconアップグレードはFujiテストネットでのみ稼働しており、提案されたバリデータ変更はメインネットで未実装でした。

アナリストQ&Aの要点

経営陣によると、常任CEOの捜索は同社の3つの柱（Avalancheトレジャリー、ビットコインマイニング、AIインフラ）に関連する経験を持つ候補者に焦点を当てているとのことです。同社は捜索に関するこれ以上の詳細を明らかにしませんでした。

AVAX Oneは、主にBlue Flareとのパートナーシップを通じて、アルバータ州におけるAIインフラの機会に引き続き注力しています。経営陣はレッドウォーター（Redwater）推論パイロットが予定通り進んでいるものの、機器のリードタイムが長いため導入が遅れていると述べました。同社は運用データが入手可能になり次第、市場に最新情報を提供する予定です。

決算説明会（トランスクリプト）全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good afternoon, everyone, and thank you for participating in today's conference call to discuss AVAX One's financial and operating results for the second quarter ended June 30, 2026. Joining us today are the company's Interim Chief Executive Officer and Chief Operating Officer, Pete Wiley, and the company's Chief Financial Officer, Chris Polomeni. By now, everyone should have access to AVAX One's second quarter 2026 earnings press release, which was issued earlier this afternoon at approximately 11 a.m. 5 p.m. Eastern Time. The release is available in the investor relations section of the company's website at www.avax-one.com. The webcast replay of this call will also be available on the company's website. The following management remarks will open the call up for your questions. Please be advised this conference call will contain statements that are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995.

These forward-looking statements are subject to certain unknown and unknown risks and uncertainties as well as assumptions that could cause actual results to differ materially from those received in these forward-looking statements. These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC. You are urged to not place undue reliance on any forward-looking statements, which are being made only as of the date of this call. Except as required by law, the company undertakes no obligation publicly update or revise any forward-looking statements. For important risks and assumptions associated with such forward-looking statements, please refer to the company's SEC filings. I will We will now turn the call over to Pete Wiley, AVAX One's Interim Chief Executive Officer and Chief Operating Officer. Pete?.

Peter Wylie

Thank you, Operator, and thank you all for joining us today. We are seeing continued development across the Avalanche ecosystem that has reinforced our conviction in the network's long-term potential and the strategic value of AVAX1's position within it. That progress is becoming increasingly visible across a broad range of applications, including institutional settlement, tokenized assets, validator participation, and large-scale commercial platforms. In our view, the growing breadth and sophistication of these use cases demonstrate that Avalanche is moving beyond experimentation. and toward real-world deployment. That evolution is particularly significant in financial services, where institutions are increasingly focused on the practical applications of blockchain technology in payments, tokenization, settlement, and other financial workflows. We believe Avalanche is well-positioned to support that transition. architecture enables institutions to build purpose-built blockchain environments tailored to their operational regulatory and performance requirements or remain remaining connected to the broader Avalanche ecosystem. TACIT's recent migration of LINK provides a clear example of how that model can work in practice.

Asset is a financial technology company that provides blockchain-based payment and settlement infrastructure for regulated financial institutions. is its real-time settlement network designed to help institutional participants transfer value and complete transactions more efficiently. pass it moved link onto a dedicated Avalanche Layer 1, effectively giving the network its own customized blockchain environment. This allows TACIT to control how the network is configured, who validates transactions, and how data is managed, while still benefiting from Avalanche's speed and scalability. TACIT's broader infrastructure has processed more than $2.5 trillion in transactions, and we believe this migration demonstrates Avalanche's ability to support security institutionally oriented financial infrastructure at scale. Beyond institutional finance, Avalanche is demonstrating its ability to support large-scale consumer applications. During the 2026 FIFA World Cup, FIFA Collect, the organization's digital collectibles platform, operated on an Avalanche-powered blockchain. While the use case is distinct from payments and settlement, it provides another example of how of Avalanche supporting a globally recognized platform with a broad consumer audience. Avalanche is also continuing to improve the network's underlying infrastructure.

Helicon, a recent protocol upgrade, has been activated on the Fuji testnet, where new features are evaluated before potential deployment to Avalanche's live mainnet. Among other changes, Helicon introduces automatic renewal for valid validator staking and proposes reducing the minimum primary network staking period from two weeks to 48 hours. While these changes are not yet live on main net, we believe they could provide validators with greater flexibility and make participation more accessible to institutional operators. The combination of these deployments illustrates the breadth of activity emerging in the Avalanche ecosystem. institutional settlement, and tokenized assets to validate our participation in large-scale consumer applications. For AVAX 1, the continued expansion of the network reinforces our conviction in Avalanche's long-term potential and, in turn, the strategic rationale for maintaining and growing our AVAX Digital Asset Treasury. to our operations, AVAX One is organized around three core pillars, our avalanche digital asset treasury, Bitcoin mining, and the selective development of AI and high-performance computing opportunities. Our Avalanche treasury is central to the strategy. We currently own more than 14 million AVAX tokens and equivalents, including approximately 800,000 which have been deployed into Treehouse, providing us with meaningful exposure to the continued growth of the Avalanche ecosystem.

By staking a significant portion of these holdings directly through the network, we participate in network validation and earn protocol-native rewards, creating an ongoing source of revenue while increasing our AVAX holdings over time. Our second pillar is Bitcoin mining, which continues to provide recurring operating revenue across our facilities in Alberta and Ohio. Over the past year, we've expanded the platform through additional mining equipment, including 220 machines added to our Alberta operations, while continuing to operate our 5-megawatt Bald Eagle facility in Ohio, which is powered by flared natural gas. operations also provide valuable experience managing power generation, equipment deployment, and energy-intensive infrastructure. We will continue to manage each site with a focus on operating performance, energy efficiency, capital discipline, and the productive use of our existing assets. Our third pillar is AI and high performance computing. We believe our experience operating power intensive infrastructure, managing energy costs, and deploying modular equipment provides a practical foundation for this developing strategy. In Alberta, we are advancing a power-first deployment model centered on behind-the-meter natural gas generation, modular construction, and energy advantage sites. goal of delivering reliable compute capacity on a faster and more capital efficient basis than traditional grid dependent projects.

We will continue to evaluate infrastructure opportunities selectively with a focus on technical feasibility, customer demand, capital requirements, and the potential to generate durable recurring revenue. During the second quarter, we announced an initial AI inference pilot at our Redwater facility. involving the potential conversion of approximately 100 kilowatts of excess mining capacity to AI workloads. The pilot is designed to assess the technical requirements and potential economics of inference computing using infrastructure already within our operating footprint. Alberta remains an area of interest given our existing presence and familiarity with the regional power market, although we will pursue opportunities selectively based on economics, capital requirements, and strategic fit. In addition to executing across our three operating pillars, we were evaluating strategic opportunities that could strengthen and expand the platform. These opportunities may arise within our Avalanche Treasury and ecosystem strategy, Bitcoin mining operations, or AI and high-performance computing initiatives. focuses on accretive opportunities that can build durable revenue and cash flow while enhancing the productivity of existing assets. This includes potential acquisitions, partnerships, infrastructure investments, and operational initiatives that complement our capabilities and improve the long-term economics of the business.

We carefully evaluate each opportunity based on the quality of the underlying business or asset, its strategic fit, expected financial contribution, and capital requirements. Our Our objective is to pursue transactions, strategic relationships, and other opportunities that strengthen AVAX One's operating foundation and create sustainable long-term value for shareholders. looking ahead we are intently focused on building a stronger more durable operating platform we've We will continue to allocate capital selectively across our three pillars, pursue opportunities that can expand recurring revenue and cash flow, and remain active under our share repurchase program when we believe our shares trade below the intrinsic value of the business. We believe these initiatives, coupled with our prudent approach to capital allocation, will enable us to deliver long-term shareholder value. With that, I will now turn the call over to our Chief Financial Officer, Chris Polamini, to review our second quarter financial results.

Christopher Polimeni

Thank you, Pete. As a quick reminder, as we review our second quarter 2026 financial results, all All comparisons and variance commentary will refer to the prior year quarter, unless otherwise specified. Total revenue for our second quarter of 2026 was $2.8 million, which represents a significant increase compared to approximately $500,000 in the second quarter of 2025. Increase primarily reflects our transition to the Avalanche Digital Asset Treasury Strategy in Q4 of 25. Our revenue in the second quarter of 26 consisted of approximately $2.1 million in staking rewards revenue from our Digital Asset Treasury Strategy, as well as approximately $700,000 in revenue from our Bitcoin mining operations. Our total operating expenses for the second quarter of 2026 were $36.2 million compared to $1.8 million in the second quarter of 2025. The operating expenses for the second quarter of 26 included $33 million of non-cash charges related to, A, $29.8 million unrealized loss in the change in market value of our digital assets, B, a $2.6 million impairment of our treehouse liquid staking tokens, and C, a $2.6 million loss in the change in market value of our digital assets. and C, a $600,000 share-based compensation depreciation expense. excluding these non-cash charges, are adjusted operating expenses for the second quarter of 26, worth $3.2 million. We reported a net loss for the second quarter of 2026 of $35.1 million, or $4.41 per diluted share, compared to a net loss of $8.1 million, or $335.88 per diluted share in the second quarter of 2025.

Excluding the aforementioned non-cash expenses, adjusted net loss for the second quarter of 26 was $2.2 million, or $0.27 per diluted share. As of June 30th, 2026, our total liquidity was approximately $21.1 million, consisting of cash and cash equivalents of $11.4 million, restricted cash of $5.4 million, and an escrow receivable balance of $4.3 million. This compares to approximately $27.6 million in total liquidity as of December 31st. We believe our liquidity position, coupled with our ability to generate additional liquidity by leveraging or liquidating the digital assets earned through staking and Bitcoin mining, will provide the company with sufficient liquidity to fund our operating expenses as well as to execute our growth strategy without the need to raise additional capital. As of June 30th, 2026, the last day of our second quarter, AVAX1 held approximately 13.2 million AVAX tokens with a net value of 86.3 million, approximately 700,000 TAVAX tokens through our deployment with Treehouse with a net value of approximately 5.3 million, and approximately 31.2 million AVAX tokens. Bitcoin with a net value of approximately 1.8 million, resulting in a total net value of our digital assets of approximately $93.5 million. Since the inception of our digital asset treasury strategy in November of 25, we've generated approximately $4.7 million in staking revenue, with our staking activities producing an annualized yield of approximately 5.3%.

Subsequent to quarter end, as announced last week, we completed the restructuring of certain outstanding convertible debentures, reducing the related principal balance by approximately $6.8 million. The transactions included the full repayment and retirement of debentures held by two institutional investors and a reduction in the principal amount and amendment of certain terms of a debenture held by a third investor. Restructuring was funded through cash on hand and a reduction in the related escrow receivable. this action meaningful reduces near-term liabilities, strengthens our balance sheet, and enhances our financial flexibility as we execute against our three-pillar strategy. Looking ahead, we are focused on executing our three-pillar strategy while maintaining a prudent approach to capital allocation. We will continue to evaluate high quality opportunities across the Avalanche ecosystem, Bitcoin mining, and AI and high performance compute infrastructure with an emphasis on opportunities that can strengthen our operating performance, expand recurring revenue, and generate attractive risk-adjusted returns. We believe these initiatives will enable us to execute our growth and profitability initiatives. This concludes our prepared remarks, and we'll now open it up for questions from those participating in the call.

Operator

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate that your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for questions. Our first question comes from Derek Greenberg with Maxim Group.

Please go ahead.

Unknown Speaker

My first question is just on the CEO transition. I was wondering if you could talk a little bit about what you're looking for in a candidate, I guess what kind of experience and background they bring and what kind of qualities they.

Peter Wylie

Sure. We're not commenting publicly much more than we already have on the search itself. But I think our three pillars are quite clear, building the Avalanche Digital Asset Treasury and enhancing our Bitcoin mining operations and exploring AI infrastructure. So certainly candidates that have experience in and around those spaces are going to be the ones that we're evaluating, but won't make much progress.

Unknown Speaker

comment at this time. Got it. And then on the third pillar in particular, the AI data centers, I was wondering kind of where your focus lies. I know previously there was kind of a target of powered land at the Alberta location in 1Q27. I was wondering if that's still a firm plan or if you're kind of looking at everything more opportunistically now, if you could just talk about that.

Peter Wylie

Sure, we remain focused and exploring opportunities in Alberta through a partnership with Blue Flare primarily.

Unknown Speaker

Got it. On the redwater inference pilot, could you just talk about how that's progressing and what you're seeing and learning thus far?.

Peter Wylie

Sure, it remains on track, but we have yet to actually deploy the equipment. There was a long lead time to secure all needed assets to commence the pilot itself, so we're still on track. to launch it on schedule, but we have yet to actually get the operating results back from the pilot and look forward to updating the market when we do.

Unknown Speaker

Okay, got it. That's it for me for now. I'm going to hop into queue. Thanks, guys.

Operator

Thank you. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines and have a wonderful day.

This live transcript is auto-generated without human intervention or review.

[Call has ended.]